【导读】巴克莱银行下调甲骨文评级，甲骨文开盘直线下挫 同时研报警告，甲骨文可能在2026年11月耗尽现金。 巴克莱的模型显示，过去十年间，甲骨文的计息债务总额已翻了一番，达到1116亿美元，负 债股本比高达500%，远高于亚马逊的50%、微软的30%，Meta和谷歌则更低。 此外，公司的资产负债表外还有超过1000亿美元的租赁承诺尚未确认，这可能会加剧评级机 构对其杠杆水平的担忧。 巴克莱认为，即便资本支出不再增加，甲骨文的现金储备（截至目前约为110亿美元）也可能 在2026年11月前耗尽，届时公司将面临再融资需求。 此外，穆迪评级机构已警告，甲骨文过度依赖少数AI企业的大额承诺来支撑成长，存在重大风 险。 谷歌、Meta也"崩"了 中国基金报记者 安曼 刚刚，总市值超过4.7万亿元的AI巨头甲骨文开盘直线下挫。截至发稿，股价跌超2%。 消息面上，11月11日，巴克莱银行发布研报称，将甲骨文（Oracle）的债务评级下调至"减 持"，并警示其信用评级最终可能被降至BBB-，该级别距离"垃圾债"门槛仅一步之遥。 消息面上，AI泡沫焦虑已经蔓延至债市。投资者开始抛售谷歌、Meta、微软和甲骨文等"超大 规模云端 ...

智通财经APP获悉，周三，大型科技股普跌，截至发稿，Meta Platforms(META.US)跌超2.8%，英伟达 (NVDA.US)跌0.3%，特斯拉(TSLA.US)跌超2.3%，亚马逊(AMZN.US)跌超1.6%，谷歌 (GOOG.US,GOOGL.US)跌超1.7%，微软(MSFT.US)跌0.8%。 ...

美国第一家：Alphabet旗下Waymo将供应高速公路无人驾驶出租车。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Viewpoint - Google is facing a lawsuit for allegedly using its Gemini AI assistant to unlawfully track private communications of users across its Gmail, Chat, and Meet applications [1][2]. Group 1: Allegations and Legal Context - The lawsuit claims that Google "secretly" activated the Gemini AI for all users in October, allowing it to collect private data without user consent [2]. - Users must navigate Google's privacy settings to deactivate Gemini, which the lawsuit argues leads to Google accessing and exploiting users' entire recorded history of private communications, including all emails and attachments in Gmail [3]. - The suit alleges violations of the California Invasion of Privacy Act, which prohibits unauthorized wiretapping and recording of confidential communications [4]. Group 2: Company Response and Case Details - Google has not provided a comment regarding the lawsuit outside of regular business hours [4]. - The case is officially titled Thele v. Google LLC, filed in the US District Court for the Northern District of California [4].

Meta and other tech companies refusing to sign content deals with Australian news outlets face millions in new fines, with Labor’s proposed media bargaining incentive set to impose penalties based on the local revenue of major platforms.Large social media and search platforms with Australian-derived revenue of at least $250m will be subject to the new rules, irrespective of whether they carry news content, according to new detail released by the assistant treasurer, Daniel Mulino.Labor has moved slowly in d ...

Core Viewpoint - The article emphasizes a personal investment strategy focused on growth and dividend income, aiming for an easy retirement through a portfolio that prioritizes compounding dividend income and growth [1]. Group 1: Investment Strategy - The investment strategy is centered around creating a portfolio that generates monthly dividend income, which is enhanced through dividend reinvestment and annual increases [1]. Group 2: Stock Positions - The article mentions a beneficial long position in shares of UTF, ENB, AMZN, GOOGL, and META, indicating a diverse investment across various sectors [1].

Core Viewpoint - The article discusses the evolution of CAPTCHA systems, highlighting how they have transitioned from simple text-based challenges to more complex image-based tasks, and now to behavior-based assessments, while also addressing the implications for AI training and privacy concerns [9][19][25]. Group 1: Evolution of CAPTCHA - CAPTCHA, which stands for "Completely Automated Public Turing test to tell Computers and Humans Apart," was initially designed to prevent bots from performing automated tasks [9]. - The first version of CAPTCHA involved distorted text that was difficult for machines to read, but advancements in AI led to a significant increase in the accuracy of AI models in solving these challenges [15][16]. - The introduction of reCAPTCHA v2 required users to identify images, such as cars and traffic lights, which inadvertently contributed to training Google's autonomous driving AI [19][20]. Group 2: AI and Human Labor - The article estimates that the collective human effort in solving CAPTCHAs over the years has generated a value exceeding $6.1 billion, as users unknowingly transcribed historical documents and trained AI systems [20]. - As AI capabilities improved, the effectiveness of traditional CAPTCHA systems diminished, leading to the development of reCAPTCHA v3, which relies on behavioral biometrics to assess user authenticity [25][26]. Group 3: Privacy and Ethical Concerns - The shift to behavior-based assessments in reCAPTCHA v3 raises significant privacy issues, as it involves extensive monitoring of user interactions, which some critics liken to spyware [27][28]. - The article highlights a paradox where efforts to protect privacy, such as using VPNs or clearing cookies, can result in lower trust scores from the CAPTCHA system, making users appear more like bots [28]. - Future CAPTCHA systems may focus on identifying errors that AI would make, rather than traditional human problem-solving tasks, indicating a shift in the nature of these verification systems [30][31].

近日，千亿私募巨头景林资产披露了截至2025年三季度末的美股持仓情况。 数据显示，第三季度，景林资产在美股市场大手笔加仓了阿里巴巴，同时新进建仓国内智驾龙头企业文 远知行；此外，景林资产还对脸书、谷歌-A、英伟达等美股明星科技股进行了不同幅度的加仓。 值得注意的是，根据相关持股信息，景林资产在第三季度新进多只个股，其中既有美股的知名公司，如 苹果、新思科技等；也有中国部分行业的龙头企业，如文远知行、亚朵等。 大幅增持阿里巴巴 在景林资产的重仓股中，有不少中概股，其余多为美股明星科技股。其中，第三季度景林资产大幅加仓 阿里巴巴，对其持股市值增至1.51亿美元（按照第三季度末收盘价计算，下同）；小幅减持网易，但持 股市值仍超过4亿美元。此外，第三季度，景林资产增持市值较大的重仓股还包括脸书、英伟达、谷歌- A等。拼多多在第三季度重新被景林资产小幅增持，持股市值也超过4亿美元。 相关公开持仓信息显示，截至2025年第三季度末，景林资产在美股市场重点持有近30家上市公司。前十 大重仓股为：脸书、网易、英伟达、拼多多、谷歌-A、满帮、富途控股、阿里巴巴、Nebius Group和奇 富科技。 "试水智驾"并新买入苹果 ...

JHVEPhoto/iStock Editorial via Getty Images Listen below or on the go via Apple Podcasts and Spotify General Motors (GM) directs suppliers to pull back China supply chains - report. (00:22) AMD CEO says AI market is 'faster than anything we've seen before,' sees $1T by 2030. (01:21) Google (GOOG) (GOOGL) accused in suit of using Gemini AI tool to snoop on users - report. (02:26) This is an abridged transcript. General Motors (GM) has directed thousands of its suppliers to remove components sourced fr ...

国泰君安期货·君研海外 境外权益分析框架 ——（系列二之美股篇） 戴璐 Z0021475 1.1 权益投资框架的本质：DDM模型 市场驱动变量繁多，核心是DDM三要素——企业盈利+无风险利率+股权风险溢价 市场驱动变量繁多，核心是DDM三要素——分子端（企业盈利）+分母端（无风险利率+股权风险溢价） 资料来源：国泰君安期货研究 Special report on Guotai Junan Futures 1.2分子端：盈利周期的位置方向，是美股趋势判断的锚 国泰君安期货研究所· 海外研究 (本系列报告感谢杨藤贡献） 日期：2025年11月12日 Guotai Junan Futures all rights reserved, please do not reprint 1.美股宏观策略框架的本质：DDM模型 拉长周期来看：分子端EPS的持续上修是驱动美股上涨的主导因素 美国企业科技创新和现金流创造能力驱动EPS稳定增长 ，是构成美股长牛的基础 盈利周期的位置方向，是美股趋势判断的锚 Special report on Guotai Junan Futures 资料来源：Bloomberg，国泰君安期货研究 ...